Which Broker is the Cheapest if your trading 200,000 to 500,000 shares daily? ECN Rebates too.

Discussion in 'Retail Brokers' started by JesseJamesFinn1, May 20, 2020.

  1. Today I made over 500++ day trades average size was 3000 to a few (My sale after scaling up) 40,000. Was ultra liquid, 400 million shares traded in volume. I exceeded a 1,000,000 shares of churning, who has the best price plus a chance to get ECN Rebates? I would like negative commission like IB does with my option trades. In the old days with MyTrack I paid $9 in commission minus $.005 x 30,000 shares making my commission -$125.00. ECN fees have dropped, do they pay $.0025 or $.002 now? It's been awhile since I played the Rebate game.
  2. Robert Morse

    Robert Morse Sponsor

  3. Thank you Robert, what are ECN Rebates running these days and which ones rebate the most?
  4. Robert Morse

    Robert Morse Sponsor

  5. def

    def Sponsor

    You probably now IB's fees which slide down from .0035 to .0005 with a min of .35 cents. No max size per order as your order flow isn't being sold.

    Rebates will vary by venue with the largest I know of being BATS at .0025 per share when adding liquidity.

    Click on the exchange name under this link to get a comprehensive list of fees/rebates for adding taking liquidity.
  6. I'm curious how it works doing such large orders. If you put in a 10,000 share limit order, don't you get completely wrecked by adverse selection? People leaning on your order, etc. I thought supplying liquidity like that doesn't work in today's markets.

    Does the lightspeed per-trade rate only apply to single market/limit orders, or can you also do an algo order that splits it up into lots of parts and still pay for 1 order?
  7. Robert Morse

    Robert Morse Sponsor

    I'm not sure how to respond to your part one question about "adverse selection". If you mean the market impact of entering an order to buy/sell 10,000 shares, that will differ from symbol to symbol, time of day etc. With regard to other routes and order types, any order can be any of those for up to 10,000 shares and you pay $4.50 + routing + reg fees. E.G. Buy 10,000 TWAP. We do not charge based on the number of fills. We charge based on the order.

    cruisecontrol likes this.

  8. 10,000 is nothing with trash trading 300 million a day

    I routinely trade 100k blocks and get filled within 3 seconds
    JesseJamesFinn1 likes this.
  9. Penny stocks? Very few stocks trading 300 million shares a day. What kind of holding period do you have on this strategy?
  10. traider


    How do you get -ve comms for option trades?
    #10     May 20, 2020